Notes On Fantom Unchained ep. 42
It’s that time of the week we all $FTM holders are waiting for.
The Fantom Unchained ep 42 by @FTMAlerts and @crypto_klay.
I made some notes and here is what I got. 👇
Disclaimer: Any views expressed in the below should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions. These are just my notes that I’m sharing. It might not be a complete recap of what was covered in this episode.
Topics covered in this episode are the following:
$BTC dropped below average mining cost briefly, $BTC dominance falls.
Powell says US aims to avoid recession but it's possible, suggests rate hikes would cause a recession.
Sam FTX bails out Blockfi and Voyager Digital.
NYC NFT! Thoughts? Fantom represented by Queen Uman!
Boba L2 scaling solution will integrate Fantom
Annual Revenue for Spookyswap > Marketcap, $BOO still undervalued?
Bear Market? Fantom still achieving 100,000 unique users a week.
$BTC dropped below average mining cost briefly, $BTC dominance falls
- $BTC drops but alts keep holding their ground.
- At these levels miners start selling their $BTC and close their operations.
- It's a multi-month headwind for $BTC.
- Capital flows move the market.
- Passive vs Active investors.
- For equities at the end of the month there is passive money coming in - passive investors.
- You see green candles on $SPX at the end of month.
- Active investors are pulling money out.
- Target date funds, $2T, mutual fund, 80% of 401k are in this product, change the allocation of bonds vs equities depending on your age.
- Currently selling bonds and buying equities to rebalance.
- Some of these funds rebalance monthly, some quarterly.
- This produce confusing signals to Fed. They see market rally for a few %, they state raising rates by 50 bps. However, when CPI comes out they raise the rates by 75bps.
- Fed officials try to keep their jobs. There will be mixed signals depending on how Fed interprets the above.
- Fed chairman was questioned by Elizabeth Warren. The response was that raising rates won't help oil prices and food prices.
- We are going to be under pressure for longer than everybody thinks.
- They don't have the tools to fix this.
- If people had to chose housing vs coins, they will chose housing.
- Maybe we should totally annihilated everybody and raise interest rates by 10,000 bp.
- Housing affects every single person.
- However, the government is usually finding a way to support the housing market.
Powell says US aims to avoid recession but it's possible, suggests rate hikes would cause a recession
- When Putin gets blamed for the inflation think of farting cows in California causing global warming.
- Those might be Bebis farts actually.
Sam FTX bails out Blockfi and Voyager Digital
- Blockfi has been operating at the net negative for hundreds of million per year.
- Bebis says next cycle is going to be the real deal.
- People are reallocating from noisy projects to serious ones.
- "In hindsight inflation was not transitory" - J. Powell
- Voyager. It was largely unsecured loan in the form of 15k $BTC and 350mil $USDC. It's how much faith they had in 3AC.
- Social Engineering. Get into the right circles, people want to be around you, they give you money. When they blow up, everyone gets caught. Book Billion Dollar Whale.
- Conspiracy about @SBF_FTX shorted the market to bring it down because of the rise of all the massive platforms so that he could step in an effectively gain control.
- This is the game you're playing for the highest stakes possible with the smartest most ruthless people in the world.
- When we talk about financial markets where we are playing for keeps, Sam is just better at it than everyone else.
- The heroes of this downturn are Binance and Paradigm for Bebis. Every step of the way executing in good faith. Although take it with a grain of salt.
- Sam said that if there was more money to be made elsewhere he would have abandoned crypto in a heart beat. Alameda is notorious for farming and dumping tokens.
- The most powerful thing you can say is "I'm a cash buyer and I can close in 7 days.".
NYC NFT! Thoughts? Fantom represented by Queen Uman!
- She is getting a lot of respect on the market.
- "If those goblin people in red outfits were in my face I would just go to the bathroom and shit for a few hours." Bebis
Solend passes emergency governance vote to reverse emergency powers
- Lending platform on Solana.
- Had a whale who deposited a large amount of $SOL.
- Used it as collateral, borrowed against it, had a liquidation price which actually didn't get hit.
- Solend put up a vote, gave everyone 6 hours to vote, passed with over a million votes, they met the quorum.
- 95% of those votes came from one single wallet, which probably was from the team.
- The vote was to seize control of that account.
- To change the rules of the game is scary.
- Nick says now he has to go over his positions and work out which protocols can do shady stuff like this.
- Look for accountability to lawyers, other teams, counterparties etc. in a project.
Boba L2 scaling solution will integrate Fantom
- Bebis explains some technical stuff.
Annual Revenue for Spookyswap > Marketcap, $BOO still undervalued?
- SpookySwap makes money.
- On the way up you see stupid valuations that make zero sense, you see the same thing on the way down.
- Have to distinguish between revenue and profitability when talking about projects.
- When talking about Revenue it's the LTM (last twelve months). So it includes the months were there was a lot of activity.
- Better look at the last 30 days.
Bear Market? Fantom still achieving 100,000 unique users a week
- A lot of people using $FTM still.
- In terms of bear market, it's not a ghost chain like some other chains.
- $xBOO has doubled.
If you want to check out @NickDrakon’s new shirt here is the full video:
Here is my Twitter thread: